NuScale Power’s maiden contract with RoPower of Romania, expected to provide six small modular reactors (SMRs), has been delayed beyond its initial early-2026 approval target. Financing and final investment decisions are now forecast for late 2026 or early 2027. Though consulting revenue from groundwork with Fluor sustains operations, a confirmed sale is critical. The company ended the third quarter with approximately $750 million in liquidity, but without a firm order for its untested SMR technology, future cash burn remains a key risk.

Renewed U.S. government enthusiasm for nuclear energy has bolstered NuScale’s market profile. Last summer, the Nuclear Regulatory Commission approved NuScale’s latest reactor design, and current congressional hearings aim to streamline SMR deployment. In early January 2026, trading volume peaked at 62.6 million shares—roughly 157% above the three-month average—reflecting investor optimism around potential executive orders calling for three experimental reactors online by mid-2026 and multiple SMR deployments by end-2027.

Over the past year, NuScale’s share value swung as much as +150% and -40%, leaving it down 20% year-over-year and nearly 70% off its 52-week high. At the end of 2025, the company nearly doubled its authorized capital stock, diluting existing stakeholders and raising governance questions. With no confirmed SMR sales yet, NuScale’s path to profitability may not materialize before 2030. Only aggressive investors willing to tolerate deep drawdowns should consider exposure until multiple confirmed orders and reactor installations de-risk the business model.